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Real deals.

Coffee Acquisition

Coffee roasting is replacing cookie baking after a $2 million transaction in North Little Rock.

Coffee Legends LLC, led by Steve McElhanon, acquired the 56,000-SF facility at 30 Collins Industrial Place. The seller is Brent & Sam's Inc., a subsidiary of Lance Inc. in Charlotte, N.C.

The 4.1-acre development previously secured a November 2000 bond issue of $995,000 through the Arkansas Development Finance Authority.

Brent & Sam's assembled the property in two deals totaling $84,000. The sellers were Herbert Collins, $55,000 in March 2000; and the Herbert Collins estate, $29,000 in October 2000.

Storage Transaction

A storage project in North Little Rock sold for $895,000.

Smith Building Investments LLC, led by Richard H. Smith, bought the 24,600-SF facility at 29 Maumelle Curve Court. The seller is Cardinal LLC, led by Tom Welfel, David Mikus and John Janesky.

The deal is funded with a five-year loan of $716,000 from IberiaBank of Little Rock.

The 3-acre development previously was tied to a December 2008 mortgage of $932,000 held by Arkansas Capital Corp. of Little Rock.

Cardinal acquired the property for $900,000 in February 2006 from Gathright Van & Storage Co., led by John Gathright.

Chick-fil-A Site

A North Little Rock eatery location changed hands in a $688,000 sale.

Chick-fil-A Inc. of Atlanta purchased the 1-acre site near the southwest corner of East McCain Boulevard and Smokey Lane from Lowe's Home Centers Inc. of Mooresville, N.C.

The property is part of a 14.3-acre tract that Lowe's bought for $5.38 million (about $8.65 per SF) in September 2001 from Shears Interests LLC of Houston, led by Charles Shears.

Shears assembled the property almost nine years ago in two buys totaling $5.1 million. The sellers were Woodcrest Co. LLP, led by James A. Matthews, $3.09 million for 9.6 acres ($7.40 per SF); and Isabell Babb, $2.04 million for about 4.7 acres ($10 per SF).

Alligator Buy

A 36.5-acre tract in west Pulaski County rang up a $450,000 transaction.

Alligator Investments LLC, led by Rush Harding, acquired the land on the south side of Denny Road a quarter-mile west of Kanis Road from Pulaski Academy.

The deal is backed with a five-year loan of $395,000 from Arvest Bank of Fayetteville.

The property was purchased in January 1998 as part of a $405,000 deal with Deltic Timber Corp. of El Dorado.

Greathouse Purchase

A 4,462-SF home in Little Rock's Greathouse Bend Estates neighborhood tipped the scales at $950,000.

Worth and Stacy Gibson bought the house from Miles Goggans. The deal is financed with a 30-year loan of $760,000 from Bank of Little Rock Mortgage Corp.

The residence previously was linked with an October 2006 mortgage of $735,000 originated by Moore Mortgage Inc. of Little Rock.

The location overlooking the Arkansas River was acquired for $140,000 in March 2005 from Great-house Bend Estates LLC, led by Chris Robertson Sr.

Residential Swap

A 4,012-SF condo in downtown Little Rock was traded for a west Little Rock home.

Gregory and Anna Hendrix swapped their 3,450-SF home (valued at $515,000) to Robert Schillinger, John Schillinger and Keith Hardin for a 14th-story unit in the 300 Third Building (valued at $669,000).

The condo previously was tied to a June 2007 mortgage of $680,936 held by Bank of Little Rock. The space was purchased for $716,000 three years ago from 300 Third LLC, led by Jimmy Moses and Rett Tucker.

The Hendrix family bought the house in The Oaks neighborhood of the Chenal development for $500,000 in March 2007 from Jeffrey and Teddi Jones. The residence previously was linked with a June 2007 mortgage of $400,000 originated by Advantage One Mortgage Brokers Inc. of Rogers.

UnderSchillinger-Schillinger-Hardin ownership, the property now secures a two-year loan of $515,000 from Bank of Little Rock Mortgage.

Condo Reclamation

A 1,948-SF condo in downtown Little Rock is under new ownership after a $637,500 foreclosure sale.

Suntrust Bank of Richmond, Va., recovered the 13th-floor unit at 521 President Clinton Ave. from Daphna and David Stephens.

The property was tied to an October 2005 mortgage of $600,000 held by Suntrust.

The space was acquired for $492,000 in November 2004 from Clinton & Sherman Building I LLC, led by Jimmy Moses and Rett Tucker.

Courts Abode

A 5,362-SF home in The Courts neighborhood of west Little Rock's Chenal Valley development drew a $559,000 transaction.

Hyuna Lee bought the house from Josue and Paula Montanez. The deal is funded with a 30-year loan of $417,000 from Regions Bank of Birmingham, Ala.

The residence previously was linked with a December 2005 mortgage of $575,900 originated by First Home Mortgage Inc. of Jonesboro and a June 2007 mortgage of $97,550 held by Bank of America in Charlotte, N.C.

The property was purchased for $640,000 in March 2007 from Arturo Casas and Sandra Ortiz.

Riverside Finance

The owner of a riverside property in Little Rock picked up a $1.25 million mortgage.

Yankboys LLC, led by Wallace Rowland, Jerald Barnett, John Oliver, Ross McCain, Wesley Walls, the James Hunter East Revocable Trust and Steve Kinzler, obtained the one-year loan from One Bank & Trust of Little Rock.

The 5.5-acre Riverside Marine development at 1900 Cantrell Road previously was tied to a February 2008 mortgage of $1.25 million held by Pulaski Bank & Trust of Little Rock.

The property was acquired for $1.25 million more than two years ago from the Patrick J. Booth & Pat C. Booth Living Revocable Trust.

Maumelle Mortgage

A 0.8-acre commercial development in Maumelle is backed with a $561,892 financial package.

Bryan Austin Properties LLC received the three-year loan of $511,892 and the one-year loan of $50,000 from Little Rock's Bank of the Ozarks.

The 8,227-SF project at 3201 Club Manor Drive previously was linked with a February 2004 mortgage of $250,000 and a March 2008 mortgage of $240,000 held by Bank of the Ozarks.

The site was purchased for $85,000 in May 1995 from Century 21 Metro Inc., led by Mary Peyton.


A Look at Important Real Estate Transactions.
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Author:Waldon, George
Publication:Arkansas Business
Date:Jul 12, 2010
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